Georg F. W. Schaeffler (born 19 October 1964) is a German billionaire businessman, owner of 80% of the holding company INA Holding Schaeffler GmbH & Co. KG, which includes Schaeffler AG. His mother, Maria-Elisabeth Schaeffler, owns the other 20%.[1] He is the head of the supervisory board of Schaeffler Group and a member of the supervisory board of Continental AG.
Early life
Schaeffler was born in Erlangen. From 1986 to 1990, Schaeffler studied business and economics at the University of St. Gallen, Switzerland, and worked within the Schaeffler Group from 1990 to 1996. He later went on to receive a law degree and a masters from Duke University and practised international business law in Dallas. He served two years in the German armed forces, reaching the rank of lieutenant in the air force reserves.
Career
Schaeffler has expanded the company over the years. In 1999 he took over the German automotive manufacturer LuK GmbH, and in 2002, the German producer of ball bearings FAG Kugelfischer. After the expense of $15 billion, in 2008 Georg and the newly founded Schaeffler Group, acquired auto parts giant and one of the largest tire manufacturers in the world, Continental AG. The Schaeffler Group employs over 80,000 people in 170 locations in 49 different countries.
Wealth
According to Forbes, Schaeffler has a net worth of US$20.1 billion. In May 2016, Schaeffler was ranked #39 on Forbes’ list of global billionaires and #4 for Germany. He and his mother’s (Maria-Elisabeth Schaeffler) combined wealth is estimated to be US$34 billion.
Personal life
He is divorced with four children and lives in Herzogenaurach. He visits the United States several times a year.
About Georg F. W. Schaeffler
German businessman Georg Schaeffler has an estimated net worth of $12.9 billion in April 2019. He is one of the owners of the Schaeffler Group which encompasses the Schaeffler AG. The latter is considered as the largest producers of machine components and ball bearings in the world.
George Sr. and his brother, Wilhelm, founded a manufacturing company which was later known as INA. The former is the husband of the billionaire, Maria Elisabeth Schaeffler, who took over the Schaeffler Group in 1996, following the death of her husband.
In 2009, the couple’s son, who was also named as Georg, joined the company and helped his mother in running the Schaeffler Group amidst the growing issue pertaining to the takeover of the Continental AG. Today, the company has investments in industrial, automotive, and aerospace sectors with over 80,000 employees in 49 countries.
Today, George owns 80% of Schaeffler Group while his mother owns the remaining 20%. He was born on the the 19th of October, 1964 in Erlangen Germany.
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